The path to the white-collar workplace used to be pretty much the same, regardless of what career you wished to follow. Almost two decades of school, followed by a few years at university and after earning a Bachelor’s, you’d be thrust into the world of work via an internship or graduate scheme.
Now, thanks to the changing nature of work, that career path has shifted. A degree isn’t enough to ensure job security, or even getting a job in the first place. After the 2008 financial crisis, employment rates for graduates and post-graduates fell. They have only recently returned to pre-recession levels for graduates and are still trailing behind for post-graduates.
Automation affecting employment
Then there’s the rise of artificial intelligence (AI) and automation that will cause widespread job losses in some sectors.
At the moment, because much of the technology is still in its infancy, we simply cannot tell what jobs will be impacted and to what level. A degree is no guarantee that a robot won’t steal your job in the future.
Less focus on degrees
Plus, companies are becoming less focused on the need for a degree. Google, EY, Hilton, Apple and IBM are a few organisations doing away with degree-level education as a requirement for some job roles.
Many high-profile CEOs are well known for dropping out of university, or simply never going. Richard Branson is famous for leaving school aged 16, and recently said: "The point is that university isn't the be-all and end-all, and it's certainly not a prerequisite for business success."
Meanwhile, Harvard dropout and Facebook CEO Mark Zuckerberg said: "Let's face it: There is something wrong with our system when I can leave [Harvard] and make billions of dollars in 10 years, while millions of students can't afford to pay off their loans, let alone start a business.”
The shift to skills as a competency
Zuckerberg’s comments highlight a common problem that many businesses face with recent graduates. Some people get a degree, but little-to-no practical skills that can help them in the workplace. Because of this, many organisations now prioritise the skills a potential employee can bring, over a piece of paper conferred by universities.
That’s not to say that a degree isn’t (or won’t be) valuable. Often, it’s used as an indicator that a recruit has the skills an employer needs. Studying at university requires hard work, consistency and discipline - all skills that are valuable in the workplace. However, there are other ways for today’s young people to demonstrate these skills.
Employers should be open to other possibilities and academic routes. As Deloitte puts it: “...smart employers should carefully catalog the skills required for the occupations they hire and screen for those skills rather than accepting a bachelor’s degree as a proxy for them.”
The emphasis on skills over degrees is set to grow as reliance on freelancing and the gig economy increases. Work will become increasing task and project-based, meaning people will be chosen for a specific activity based on their skills and experience.
For a freelancer, having unique skills could give them an edge in the market. Constantly refining and developing skills could be the key factor that highlights one individual over another.
Learning throughout life - not just at the start of it
Therefore, the future of education won’t necessarily lie in obtaining all the knowledge and skills needed for a career at the beginning of your life. Instead, school, college and university will lay the foundations. Employees will be expected to do more lifelong learning and constant skills development.
Not everyone is going to remain in the same career or industry from graduation to retirement. People now switch jobs around 10 to 15 times during their lives. A rate that will likely increase as automation is adopted by more businesses.
If entire job roles and industries disappear thanks to AI, the employees affected will have to completely reskill and switch professions.
In-demand skills are changing
The digital skills gap is estimated to cost the UK economy £63 billion a year in lost income. Without enough skilled employees, organisations are forced to spend more resources on finding the right people, raise salaries to retain those individuals, and even delay projects because of a lack of talent. This issue will only get worse as the use of technology like AI and blockchain grows.
There is a new focus on learning soft skills as well. Roles requiring social and emotional learning skills are increasing and will continue to do so as automation strips away many admin and ‘harder’ skills.
As Jack Ma, founder of the Alibaba Group explains: “The knowledge-based approach of 200 years ago, would fail our kids, who would never be able to compete with machines. Children should be taught soft skills, like independent thinking, values and team-work.”
Futureproofed degrees
That said, there are some degrees that will stand the test of time. Engineering, health, finance, management and computer science degrees are a good bet if you’re intent on going to university.
These degrees develop transferable skills, lead to jobs which are at low risk of automation and are in high demand with employers.
Reskilling and adaptability are more important
Continuous learning is now more critical to ensuring longevity in the workplace. Adaptability will help futureproof a career far more than a degree. Plus, there are alternative entry routes such as apprenticeships or professional courses.
Of course, degrees will remain important in the future of work as an indication that someone has the right work ethic, skills and competency for a role. But once you’re in work, they won’t ensure a promotion or stop a robot knocking at your office door.
In other words, a degree gets your foot on a rung but can no longer help you climb the entire ladder.
Photo by MD Duran on Unsplash.
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